Welcome to today’s Real Estate news roundup! We have some exciting updates from the housing market. The U.S. Department of Housing and Urban Development (HUD) has announced over $11 million in investment for innovative, affordable housing in Oklahoma’s Tribal communities. Additionally, a new statewide housing program is set to build 20 new homes in northeastern Oklahoma with zero percent interest loans. In other news, a suspect has been arrested in a homicide case at an Oklahoma City housing complex, and a historic downtown office building in Oklahoma City has been purchased for conversion into housing. Lastly, we’ll explore the challenges of homeownership and the shortage of available homes nationwide. Read on to discover more about these stories and their impact on the real estate landscape.
4 Oklahoma Tribes receive over $11 million in HUD investment for innovative, affordable housing | News | fox23.com
The U.S. Department of Housing and Urban Development (HUD) has announced awards totaling $150.9 million for new affordable and innovative housing investments in Tribal communities. In Oklahoma, the Iowa Tribe, the Kickapoo Tribe, the Wichita Housing Authority, and the Wyandotte Nation shared over $11 million under the program.
These funds will help build and repair homes desperately needed right now. The IHBG Competitive program plays a crucial role in bolstering vibrant American Indian and Alaska Native communities by providing financial resources for the construction of new affordable housing for disadvantaged Tribal families.
The Biden-Harris Administration is committed to advancing the supply of affordable housing with tribal nation partners to meet Indian Country’s housing needs. This substantial HUD funding will help hardworking tribal communities preserve and create many decent, affordable housing opportunities for those who need them most.
20 New Homes In NE Oklahoma To Be Built With Zero Percent Interest Loans
Thanks to a new statewide housing program, 20 new homes will soon be built in northeastern Oklahoma. The program provides zero percent interest construction loans for developers, allowing organizations like Green Country Habitat for Humanity, Grand Housing Solutions, Inc., and Old School Construction to build affordable homes in Wagoner, Grove, and Collinsville.
Green Country Habitat for Humanity, which has already built hundreds of homes in the Tulsa area, sees this program as a game-changer for helping more families access affordable housing. They are excited to offer the first 10 homes to families in Wagoner and have plans for further expansion in the future.
The expansion is made possible through a 0% interest construction loan provided by the Oklahoma Homebuilder Program, run by the Oklahoma Housing Finance Agency. This program was established with $100 million from the Oklahoma Housing Stability Program, which aims to support the construction of houses across the state.
The homes being built using these loans will range from 1,000 to 2,000 square feet. The Oklahoma Housing Finance Agency is thrilled to see the positive impact this program will have on housing in the state and considers it the largest investment in housing in state history.
Habitat for Humanity plans to break ground on the new homes by October and have them ready for families by January. For more information on the loan program or to get assistance with a down payment on a home, visit the OHFA website.
Suspect arrested in homicide at Oklahoma City housing complex
A shooting incident in southwest Oklahoma City resulted in the death of 45-year-old Justin Ruth. The Oklahoma City Police Department responded to the incident at a housing complex near Harvey Avenue and Southwest 21st Street.
Ruth was transported to OU Health but succumbed to his injuries. Investigators revealed that an altercation took place between Ruth and the suspect before the shooting occurred. The suspect fled the scene.
A 44-year-old man has been arrested and booked into the Oklahoma County Detention Center on first-degree murder charges. However, the suspect’s identity has not been disclosed until formal charges are filed.
For more details, read the full article here.
Historic downtown Oklahoma City building purchased, will be turned into housing
Gardner Tanenbaum has acquired the Robinson Renaissance, a vintage twin office tower located at 119 N Robinson Ave., from the Commissioners of the Land Office state agency. The U-shaped office building, built in 1927, was purchased for $10.25 million at auction.
CEO Richard Tanenbaum, known for converting downtown office buildings into housing, plans to convert floors three to eleven of Robinson Renaissance into apartments. The basement food court and the first and second floors are expected to remain unchanged.
The building’s prime location, surrounded by ongoing downtown growth, makes it an attractive investment. However, at the beginning of 2024, the vacancy rate stood at 61%. Tanenbaum believes there will be a continuous demand for housing, while the demand for leased office space remains soft.
Robinson Renaissance has a rich history, with various owners and name changes over the years. Gardner Tanenbaum’s recent acquisition marks another step in the revitalization of downtown Oklahoma City.
For more details, read the full article here.
Average New Construction Value in Oklahoma at $240K
Despite home price growth stabilizing, the dream of homeownership remains out of reach for many Americans. A recent Cato Institute survey found that 87% of Americans are concerned about housing costs, and 55% of homeowners cannot afford to buy their current home at today’s prices.
The shortage of available homes is a result of low inventory caused by underinvestment in affordable housing. The National Association of Realtors estimates a national shortage of at least 5.5 million homes due to decades of low residential construction levels. Increased demand during the pandemic, combined with record-low mortgage rates, further intensified competition for homes on the market.
Although home sale prices have begun to stabilize, the housing market experienced a significant surge in prices during the COVID-19 pandemic. However, with mortgage rates doubling and limited inventory, buying a home has become even more challenging.
Residential construction spending has also declined, exacerbating the problem of limited housing inventory. Despite federal initiatives to increase housing availability, less money is being allocated towards new housing construction.
While nationwide construction spending has decreased, some states and cities are managing to build more affordable housing units. Delaware has the lowest average construction cost per new residential unit authorized, followed by New Jersey and West Virginia. In contrast, Hawaii is building the most expensive new housing, with significantly higher costs compared to the national average.
Among major U.S. metropolitan areas, Richmond, VA reports the lowest average cost per new housing unit, while the San Francisco, CA metro area has the highest average cost.
For more detailed information and complete results, see the full article here.